The Indian government steps toward addressing youth unemployment and bridging the skill gap in the country with the launch of the Prime Minister Internship Scheme (PMIS). Announced by Finance Minister Nirmala Sitharaman in the Union Budget 2024, the scheme has seen participation from about 280 companies, offering a staggering 1.27 lakh internship opportunities.
The PMIS is a pilot initiative with an outlay of Rs 800 crore, aiming to benefit around 10 million young people over the next five years by connecting them with companies seeking talent. Administered by the Ministry of Corporate Affairs (MCA), the scheme allows the top 500 corporates, determined by average CSR spending over the last three fiscal years, to participate.
This participation provides valuable internship opportunities for the youth. The selected youths will be eligible for an internship in the top 500 companies in India for a year. They will also receive an allowance of Rs 5,000 per month and a one-time grant of Rs 6,000. Of the Rs 5,000 stipend, Rs 500 will come from companies as part of their Corporate Social Responsibility (CSR) funds, and the remaining Rs 4,500 will be provided by the government.
Prominent companies participating in the scheme include industry giants like Mahindra & Mahindra, Tata Consultancy Services, Larsen & Toubro, Reliance Industries, HDFC Bank, Maruti Suzuki, Tech Mahindra, ONGC, Bajaj Finance, Eicher Motors, Max Life Insurance, Muthoot Finance, and Jubilant Foodworks. These companies span across various sectors such as oil, gas, and energy; automotive; travel and hospitality; banking and financial services; and metals and mining. Other key sectors offering internships include manufacturing, industrial, infrastructure and construction, IT and software development, FMCG, and telecom.
The internship opportunities are spread across 737 districts in 28 States and 8 Union Territories, making it a truly nationwide initiative. The government aims to provide as many internships as possible in the districts where candidates reside, following reservation policies for Scheduled Castes, Scheduled Tribes, and Other Backward Class candidates. The scheme has been well-received, with over 1.55 lakh candidates signing up within just 24 hours of the registration window opening.
The PMIS is a significant step towards addressing the issue of youth unemployment in India. It not only provides young people with an opportunity to gain practical experience but also helps them develop essential skills relevant to industry demands. The scheme offers hands-on training, exposure to real-world working environments, and fosters a better understanding of professional dynamics. It ensures a transparent selection process, reducing bias and increasing fairness in candidate selection.
The scheme is reminiscent of similar initiatives in the past aimed at addressing youth unemployment and skill development. For instance, the National Apprenticeship Training Scheme (NATS) and the National Apprenticeship Promotion Scheme (NAPS) have also focused on providing practical training to youth. However, the PMIS stands out due to its large scale and the involvement of top corporates in the country.
PM Internship Scheme is a significant initiative by the Indian government to tackle youth unemployment and skill development. By providing young people with practical experience and exposure to various industries, the scheme is expected to play a crucial role in shaping the future workforce of the country.
(With inputs from IANS)
